Union Budget 2017-18: Key Highlights

Here are the highlights from the Union Budget 2017-18 presented by Union Finance Minister, Arun Jaitley. As was expected the focus was on rural, healthcare and digital.

• Surcharge on annual taxable for those earning above Rs 50 lakh at 10 percent.

• Tax rates on the initial tax bracket of Rs 2.5- Rs 5 lakhs reduced to 5% from 10%.

• The maximum donation a political party can receive from anyone source is Rs 2000.

• No cash transactions above Rs 3 lakhs.

• Tax rate for companies with an annual turnover up to Rs 50 crores to be reduced to 25%, to strengthen MSME sector.

• Instead of build-up area, carpet area will be counted for affordable housing.

• Long-term holding period for real estate reduced to two years from the existing 3 years.

• Fiscal deficit for 2017-18 targetted at 3.2 per cent and 3 per cent in the following year.

• Total expenditure for 2017-18 at Rs 21,47,000 crore. Capital expenditire up 25.4% over previous year.

• A new law to confiscate the assets of those fleeing the country.

• Aadhaar-enabled payment system to be launched shortly for those without debit cards, mobile phones.

• A revised guidelines would be incorporated for listing of identified PSU enterprises.

• Rs 10,000 crores for recapitalization of government banks.

• Shares like the government owned ICTRC to be listed on the stock exchanges.

• FIPB to be abolished.

• A new metro rail policy will be announced, this will open up new jobs for our youth.

• Service tax on e-tickets booked through IRCTC will be withdrawn, says FM.

• All coaches of Indian railways to be fitted with bio toilets by 2019

• Rs 1.31 lakh crore capex fixed for Railways in 2017-18 including Rs 55,000 crores to be provided by govt.

• Govt aims to eliminate kala-azar, filiarisis by 2017, leprosy by 2018, measles by 2020 and TB by 2025.

• Affordable housing to be get infra status.

• Quality education to energize our youth.

• Annual learning outcomes to be rolled out in schools.

• Participation of women in MNREGA has increased to 55% from 48% in the past, says FM

• Rs 38,500 crores allotted for MNREGA has been increased to Rs 48,000 crore in 2017-18, the highest ever allocation.

• Issuance of soil health cards have gathered momentum, will setup a mini lab in krishi vigyan kendras.

• Budget themes this year according to the FM were farmers, rural, youth, poor, infra, financial, digital etc.